The decision whether to close the Lima‚ OH plant has not been easy to make. There have been many arguments as to why and why not the plant should remain open or be closed. As the VP of Finance for BP‚ I have kept an open mind and looked at the advantages and disadvantages of closing the plant. I will now discuss some of these arguments in the following paragraphs. The first argument as to why the plant should remain open is the 30% increase in productivity. Lima‚ Ohio has a population of 48‚000
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Crew member onboard the Deepwater Horizon oil rig were awoken the morning of April 20‚ 2010 to the sound of multiple explosions. The Deepwater Horizon rig was positioned in the Gulf of Mexico about 40 miles off the coast of Louisiana. It was positioned about 5‚000 feet above the seabed and the oil pipe extended another 18‚000 feet into the rock below. It was owned and operated by Transocean and leased to BP. There were 127 crew men onboard the rig at the time of the explosion. The crew man began
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Deepwater Horizon Oil Spill Damage April 20‚ 2010 began as a day of celebration‚ a day that marked 7 years without injury on the Deepwater Horizon oil rig‚ and ended with 11 people dead‚ 78 days of oil flow‚ and 1‚074 miles of the Gulf of Mexico contaminated. Three years after the Deepwater Horizon Oil Spill the beaches may appear clean but we have yet to see the final effects. BP‚ the company behind this tragedy‚ is still trying to clean up the mess they have created. This is a lot more complicated
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The Exon Valdez oil spill disaster occurred on March 24‚ 1989. This was the most devastating human-caused disaster in the United States history until twenty-one years later when The Deepwater Horizon occurred on April 20‚ 2010. Both disasters had a deadly effect on environmental life. These two incidents linked individuals taking shortcuts and being overconfident. Catastrophes do not happen by accident; something has to trigger them. Three main reasons why the disaster at Deepwater Horizon occurred:
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Introduction A key cause of climate change is the failure of the market system to efficiently allocate resources to deal with extensive negative externalities‚ specifically those caused by carbon – based gases polluting the atmosphere. Failure in the market system is having a extravagant impact on atmosphere. The allocation of resources is affecting the environment but more specifically the carbon based gases are polluting the atmosphere. This is resulting in global climate change. Potential solutions
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Market failure happens – a situation in which economic efficiency has not been achieved because of imperfections in the market mechanism. These market failures consists of ; Externalities‚ public goods‚ merit goods‚ business fluctuations‚ legal system‚ re distribution of income..as clearly explained below. Business fluctuations are the ups and downs in overall business activity as evidenced by changes in national income‚ employment and prices. It is normal that a country passes through a recession
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Market structure : there are a number of different buyers and sellers in the marketplace. This means that we have competition in the market‚ which allows price to change in response to changes in supply and demand. Furthermore‚ for almost every product there are substitutes‚ so if one product becomes too expensive‚ a buyer can choose a cheaper substitute instead. In a market with many buyers and sellers‚ both the consumer and the supplier have equal ability to influence price. In some industries
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INTRODUCTION Due to the very nature of oil resources‚ the environment is invariably affected. The first way in which the environment is affected by the oil industry is through both the drilling and the transportation processes. The chemicals used in the drilling can be harmful to the environment‚ drilling itself poses a great danger‚ for instance in case of an oil spill (as the Deepwater Horizon oil spill showed)‚ and as the Exxon Valdez disaster so evidently portrayed‚ transportation can be equally
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Market Failure Government plays a vital role in creating the basic framework which fair and open for competitors in the market because competition plays a vital role in the economy. Competition is good but it also has to be fair. There are many benefits to competitions especially in the private sectors. However there are some markets that monopolise the economy which excruciating the price fixing and customer spending powers. Example; Gas and Electricity‚ Transport services and Oil and etc.
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A) Using appropriate theory‚ diagram and examples‚ analyse the way in which the market ‘fails’ with regards to the environment World market existed from the basic economics of supply and demand theory where demand is the amount or quantity of goods or services that buyers are willing to pay at certain price in exchange for its value or benefit while supply refers to the quantity of goods or services that suppliers are willing to produce at certain cost. Figure 1 and 2 below explain how demand
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